Your take on these claims/ statements mirrors my recall of then situations as they occurred. Obama stole GM from the GM bondholders and gave it to the union. If GM had declared bankruptcy, the bondholders would have been first in line for any recovered assets. In the Obama theft, the bondholders got screwed.
GM declared Chapter 11 and the Feds through their buddies on the bankruptcy court did screw the bondholders and fatten up the unions.
Obama called the bond holders greedy and threw them under the bus.